Elevated crack spreads and crude oil prices contribute to higher prices at the pump

What are crack spreads and why are they elevated? Crack spreads are indicators of the profitability of refining crude oil into petroleum products such as gasoline and diesel. One common crack spread is calculated by subtracting the spot market price of a gallon of crude oil from the wholesale price of a gallon of refined product. Since May, the gasoline crack spread in New York Harbor has averaged about $1 per gallon (gal) higher than in 2025, when the crack spread peaked around 60 cents/gal. Gasoline crack spreads are elevated primarily because of tight gasoline supplies globally.

This content is for informational purposes only and is not financial, investment, tax, or legal advice. Rates, fees, and terms change and may differ from what is shown here; verify current details with the provider before acting. Consider consulting a qualified financial professional about your specific situation.